Columbus McKinnon tightens $75 million add-on term loan to 99.875 OID

By Sara Rosenberg

New York, Nov. 18 – Columbus McKinnon Corp. revised the original issue discount on its fungible $75 million add-on term loan due 2028 to 99.875 from 99.75, according to a market source.

Pricing on the add-on term loan is Libor plus 275 basis points with a 0.5% Libor floor, in line with existing term loan pricing.

JPMorgan Chase Bank is the lead on the deal.

Commitments continued to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to fund the acquisition of Garvey Corp., an accumulation systems solutions company, for $74 million.

Closing is expected this year.

Pro forma net debt leverage is expected to be about 2.8x.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions for material handling.

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